Housing price growth moderates in first quarter: RBI

DELHI: Average housing price inched up by a meagre 0.89 per cent during first quarter of current fiscal, although property rates were nearly 14 per cent higher from year-ago levels, an RBI report said.

"The quarter-on-quarter growth in the Reserve Bank house price index at the all-India level was lower at 0.89 per cent in Q1 of 2013-14 as compared to 2.46 per cent in the previous quarter," RBI said in Macroeconomic and Monetary Developments Second Quarter Review 2013-14.

The price increase was the highest for Lucknow, followed by Ahmedabad and Kochi.

In Lucknow, housing prices rose by 4.66 per cent on q-o-q basis, while rates in Ahmedabad and Kochi were up by 4.47 per cent and 2.28 per cent, respectively.

However, the all-India average price rose by 13.75 per cent in April-June period on year-on-year (y-o-y) basis.

The index is a weighted average of city indices, weights based on population proportion. The base year is 2010-11.

Kochi and Lucknow saw the highest y-o-y increases of 28.55 per cent and 27.56 per cent, respectively.

Prices in Delhi and Mumbai were up by 21.15 per cent and 8.38 per cent respectively.

PUNE: The state-appointed planning committee has recommended that 1.71 lakh square metre land, which was reserved for 13 civic amenities in the draft development plan (DP) of Tathawade village in Pimpri Chinchwad, be earmarked as residential zone.

BANGALORE: Expediting the process to implement the Akrama-Sakrama scheme, regularization of unauthorized constructions, the urban development department (UDD) on October 28 forwarded the draft rules it had framed to the law department for its opinion.

DELHI: In order to meet the significant increase in demand for premium office spaces, serviced offices and meeting rooms, Vatika Business Centre is coming up with two new business centres. One is in the heart of New Delhi at Connaught Place, and the other is Divyashree Omega in the High Tech city of Hyderabad.

KOLKATA: RBI said the sequential increase in home unit prices across the country abated during the first three months this financial year. "The quarter-on-quarter growth in the RBI house price index at the all-India level was lower at 0.89 per cent in the first quarter of 2013-14...compared to the previous quarter," it said.

MUMBAI: The third attempt by market regulator SEBI to revive the much anticipated Real Estate Investment Trust platform has hit a roadblock yet again. And this time it is the upcoming elections that have played spoilsport.

PUNE: Satish Rajopadhye has been on the look out for a two-bed room house and has a budget of Rs 35 lakh for it. His search for the right place however seems endless as there are simply no homes available within his budget in the city’s well-known pockets. The situation has forced him to consider a site 30 km north of the city and even there his budget is barely meeting the asking price.

BANGALORE: Bangalore has been the fastest-growing city of India since the past few decades. IT has been the major growth driver and is responsible for aggressive real estate development in the city. Being the IT hub of India, Bangalore has a multi-cultural population with good social infrastructure, excellent educational institutes and constantly upgrading physical infrastructure. Currently, the most promising residential micro-markets are Outer Ring Road (ORR), Sarjapur Road, Whitefield and Nor